Vericel Corporation (NASDAQ:VCEL) Q2 2022 Earnings Conference Call August 3, 2022 8:30 AM ET

Company Participants

Eric Burns - Head of Financial Planning and Analysis & Investor Relations

Nick Colangelo - President & Chief Executive Officer

Joe Mara - Chief Financial Officer

Conference Call Participants

Ryan Zimmerman - BTIG

Sam Bedovsky - Truist

Jeffrey Cohen - Ladenburg Thalmann

Arthur He - HCW

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Vericel's Second Quarter 2022 Conference Call. At this time, all participants are in listen-only mode. I would also like to remind you that this call is being recorded for replay.

I will now turn the conference call over to Eric Burns, Vericel's Head of Financial Planning and Analysis and Investor Relations. Please, go ahead.

Eric Burns

Thank you, operator, and good morning, everyone. Welcome to Vericel's second quarter 2022 conference call to discuss our financial results and business highlights.

Before we begin, let me remind you on today's call, we will be making forward-looking statements covered under the Private Securities Litigation Reform Act of 1995. These statements may involve risks and uncertainties that could cause actual results to differ materially from expectations and are described more fully in our filings with the SEC.

In addition, all forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. Please note that a copy of our financial results press release and a short presentation with highlights on today's call are available on the Investor Relations section of our website.

I am joined on this call by Vericel's President and Chief Executive Officer, Nick Colangelo, and our Chief Financial Officer, Joe Mara.

I'll now turn the call over to Nick.

Nick Colangelo

Thank you, Eric, and Good morning, everyone. I'll begin today's call with a discussion of our second quarter financial and business highlights and our expectations for the remainder of the year. And then turn the call over to Joe for a more detailed review of our financial performance in 2022 financial guidance, before opening the call to Q&A.

We generated total revenue of $37 million in the second quarter and approximately $3 million of adjusted EBITDA and operating cash flow, marking the eighth consecutive quarter of sustained profitability and positive cash flow for the company.

MACI had a very strong quarter, as we generated revenue of $28.6 million, representing the highest quarterly revenue outside of the seasonally high fourth quarter since the launch of MACI. MACI revenue grew 8% compared to the second quarter of 2021 and sequential revenue growth was more than 10% compared to the first quarter of 2022.